NFIB's short step-by-step video for business owners explains eligibility for the Small Business Deduction, and other considerations
Since it became law in 2017, the Small Business Deduction has allowed small businesses organized as Sole proprietorships, S-Corporations, Partnerships, or LLCs to deduct up to 20% of their qualified business income when they file their taxes. But right now, Congress is said to be considering a cut to this essential deduction, in addition to a series of tax increases proposed by the Biden Administration.
This short, step-by-step video for business owners explains eligibility for the Small Business Deduction, and other considerations:
NFIB is working to protect small businesses from federal tax hikes with our new Small Business Survival campaign, and essential to this effort are stories directly from NFIB members on the way various tax increases might impact their businesses. Click here for some examples.